What defines an aristocracy in terms of governance?

An aristocracy is defined as a form of governance where power is held by a select group of individuals considered to be the 'best' in society. This classification often relates to factors such as noble birth, education, or perceived superiority in character and ability. The emphasis is on the belief that these individuals possess the qualities or expertise needed to govern effectively, ideally for the benefit of the whole community.

In contrast to other forms of governance, such as democracy where representatives are chosen by the masses, or autocracy where power is centralized in a single ruler, aristocracy implies a hierarchy based on social status or merit. While wealth can be a component (as in the case of the wealthy elite exerting influence), aristocracy fundamentally prioritizes the notion of superiority or excellence as the premise for political power.